https://www.taxtmi.com/caselaws?id=16478 The High Court ruled in favor of the Revenue on all issues, finding the Tribunal's decision regarding the sales of shares to the chairman of the assessee-company as lacking evidence and commercial prudence. The Court held that the transactions were intended to benefit the chairman and were not genuine acts of prudence. The Tribunal's failure to establish the false sale transactions and allowing the share loss claimed by the assessee-company were also overturned, emphasizing the lack of evidence and the transactions being sham for tax avoidance purposes. en-us Fri, 17 Apr 1998 00:00:00 +0530 Tue, 08 Sep 2009 11:09:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16478 The High Court ruled in favor of the Revenue on all issues, finding the Tribunal's decision regarding the sales of shares to the chairman of the assessee-company as lacking evidence and commercial prudence. The Court held that the transactions were intended to benefit the chairman and were not genuine acts of prudence. The Tribunal's failure to establish the false sale transactions and allowing the share loss claimed by the assessee-company were also overturned, emphasizing the lack of evidence and the transactions being sham for tax avoidance purposes. Case-Laws Income Tax Fri, 17 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16478